Nearshore Americas
Medical cannabis

Medical Cannabis Industry in Colombia Grows, As Government Tweaks Regulations

Foreign firms are increasingly investing in the cannabis industry in Colombia months after the Andean country lifted the ban on exporting half-dry cannabis flowers.

The latest to join this list is China’s Pharmacology University, which has partnered with an educational institute in Santa Marta to offer a diploma course for Colombians hoping to launch a career in the medical cannabis industry.

The local cannabis industry received a shot in the arm when President Ivan Duque tweaked regulations to allow the export of dry cannabis flowers, which make up over 50% of the demand in the US.

Investment promotion agency ProColombia expects the country’s cannabis industry to earn $1.7 billion in revenue annually by 2030.

As many as 18 firms, mostly Canadian, have invested around $288 million so far, with analysts estimating the sector to create more than 2,000 jobs in the near future.

Considering an opinion piece by a senior executive at the agency, the Andean country is already exporting medical cannabis to the United States, the UK, Australia, Germany, and Mexico.

Meanwhile, Avicanna, a Canadian firm that grows cannabis in Colombia’s Sierra Nevada de Santa Marta, has claimed to be seeking a patent for an epilepsy treatment method using cannabinoid formulations.

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Another major investor, Clever Leaves, has recently received the EU certification to export medical cannabis.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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